Naira depreciate among major currencies

It was announced on Friday at the parallel market that the Nigerian naira depreciated against three international currencies at the close of trading for the week. A on Friday in Lagos showed that the Naira depreciated by N1 or 0.45 per cent against the dollar due to high demand. It sold for N221 against the dollar from the N220 it sold on Monday, June 15.

The Naira also lost N27 to sell at N352 to the pound, representing 8.31 per cent depreciation from the N325 it traded on June 15.Besides, the Naira against the euro went for N245 compared with the N238 it sold on June 15, representing N7 or 2.97 per cent drop. The Naira against the dollar at Central Bank of Nigeria (CBN) official rate remained at N196.90, the rate since June 11.

But it fell by N7.96 or 2.61 per cent to the pound, selling for N313.31 from the N305.31 it sold on June 15. The currency also depreciated against the euro to sell for N224.58 compared with the N220.74 it traded on Monday.

A bureau de change operator, Mr Harrison Owoh said that the depreciation in all segments was due to a shortfall between demand and the foreign exchange available for sale. Owoh, who is the Managing Director of HJ Trust Investment Ltd., Lagos, said that a further shortfall in forex supply may lead to further depreciation.